Global CAD software market is estimated to reach $11,097.0 million by 2023, on account of high demand for advanced designing software and significant advancement in technologies, such as cloud based designing tools.
As per the findings of the research, 3D CAD held a larger market as compared to 2D CAD technology. The demand for CAD software solutions was the highest from automotive industry and it is also expected to continue being the highest revenue contributor to the global CAD market, during the forecast period. Intermediate CAD software witnessed the highest demand as compared to other categories in 2016. However, both pro and intermediate level of CAD software are expected to grow with similar rates during the forecast period.
Geographically, EMEA has been the largest CAD software market, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth in CAD software market can be attributed to increasing digitalization, advancement in new technologies, growth in manufacturing industry, and increasing adoption of advanced rendering and simulation tools by designers in the region.
The key factors propelling the growth of CAD software market include surging adoption of CAD software in packaging machinery. Packaging machinery helps to complete various phases of the packaging process including filling, wrapping, strapping and labelling. With packaging machines becoming increasingly complex with higher efficiency demand, engineers and designers are adopting CAD software to face unique mechatronic engineering challenges.
3D CAD has been the larger revenue contributor to this industry as compared to 2D. Rapid transformations taking place in the design software industry have impacted several designers to make them more product-oriented and user-friendly. Designers are looking for more optimized and advanced design and drafting solutions to effectively manage their product designing in realistic terms, and further manage the development cycle.
3D CAD has been emerging as the need of the hour, as designers are in demand for solutions that provide innovative designing tools and higher simulation. 3D CAD providers focus on offering their solutions on ease-of-use basis, in order to cater to a large user base and growing demand for cost-effective and easily available design software solutions. In addition, the increasing use of 3D modeling and need for advanced real-time rendering is further creating opportunities for the 3D CAD software market growth.